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SUMMARY |
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The purpose of this enactment is to increase the deductibility of
charitable gifts up to $1,150 a year to be no less than for political
contributions. It applies to gifts, up to that amount, the same formula for
calculating the deduction that is used for political contributions to
registered parties and candidates. The deduction for gifts above that
amount remains unchanged.
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The enactment actually covers Crown gifts and cultural gifts as well
because they are added to charitable gifts to calculate the deduction
under the Act and the expression ``total gifts'' means total charitable
gifts up to 50% of income plus total Crown gifts plus total cultural gifts.
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